Start-ups 'to create 1,600 jobs'

Minister for Jobs Richard Bruton says high potential start-ups will create 1,600 jobs by 2013.

The Minister was speaking at an Enterprise Ireland showcase of 92 new companies that the agency is supporting.

Figures from Enterprise Ireland show that in the last quarter of 2011 alone, it supported 19 companies which have committed to creating 365 jobs by end 2013.

All 92 companies are expected to generate €200 million of sales within three years.

Speaking at the event, Mr Bruton said rebuilding the economy will not only require attracting multinational companies but also establishing high growth small businesses.

"Today's news that indigenous companies supported by Government in 2011 will create over 1,600 jobs in three years is very welcome," he said.

"We must now look to the future, and under the Action Plan for Jobs we have committed a series of ambitious targets, including supporting 95 of these companies in 2012, an increase of 50 per cent in the number of overseas entrepreneurs supported and an increase of 40 per cent in the number of new high potential start-ups arising as spin-outs from research.

Chairman of Enterprise Ireland Hugh Cooney said critical early stage financing to entrepreneurs and a €10 million start-up fund for overseas entrepreneurs to locate start-up businesses in Ireland were already paying dividends.